LyondellBasell Industries NV
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Shareholders’ Equity and Redeemable Non-controlling Interests
- Shareholders’ Equity and Redeemable Non-controlling Interests
Shareholders’ Equity
Dividend Distributions—The following table summarizes the quarterly dividends paid in the period presented:
| Millions of dollars, except per share amounts | Dividend PerOrdinary Share | AggregateDividends Paid | Date of Record |
|---|---|---|---|
| March 2024 | $1.25 | $408 | March 4, 2024 |
Share Repurchase Authorization—In May 2023, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 19, 2024 (“2023 Share Repurchase Authorization”), which superseded any prior repurchase authorizations. The timing and amount of these repurchases, which are determined based on our evaluation of market conditions and other factors, may be executed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are classified as Treasury stock and may be retired or used for general corporate purposes, including for various employee benefit and compensation plans.
The following table summarizes our share repurchase activity for the period presented:
| Millions of dollars, except shares and per share amounts | SharesRepurchased | AveragePurchasePrice | Total Purchase Price, IncludingCommissions and Fees |
|---|---|---|---|
| For three months ended March 31, 2023: | |||
| 2022 Share Repurchase Authorization | 846,500 | $87.28 | $74 |
We had no share repurchases for the three months ended March 31, 2024. Total cash paid for the first quarter 2023 was $70 million. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments.
Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Ordinary shares outstanding: | ||
| Beginning balance | 324,483,402 | 325,723,567 |
| Share-based compensation | 803,335 | 516,142 |
| Employee stock purchase plan | 79,096 | 75,392 |
| Purchase of ordinary shares | — | (846,500) |
| Ending balance | 325,365,833 | 325,468,601 |
Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Ordinary shares held as treasury shares: | ||
| Beginning balance | 15,939,096 | 14,698,931 |
| Share-based compensation | (803,335) | (516,142) |
| Employee stock purchase plan | (79,096) | (75,392) |
| Purchase of ordinary shares | — | 846,500 |
| Ending balance | 15,056,665 | 14,953,897 |
Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the three months ended March 31, 2024 and 2023 are presented in the following tables:
| Millions of dollars | FinancialDerivatives | Defined BenefitPension and OtherPostretirementBenefit Plans | ForeignCurrencyTranslationAdjustments | Total |
|---|---|---|---|---|
| Balance – December 31, 2023 | $(226) | $(279) | $(971) | $(1,476) |
| Other comprehensive loss before reclassifications | (12) | — | (43) | (55) |
| Tax benefit (expense) before reclassifications | 2 | — | (17) | (15) |
| Amounts reclassified from accumulated other comprehensive loss | 12 | 4 | — | 16 |
| Tax expense | (1) | (1) | — | (2) |
| Net other comprehensive income (loss) | 1 | 3 | (60) | (56) |
| Balance – March 31, 2024 | $(225) | $(276) | $(1,031) | $(1,532) |
| Millions of dollars | FinancialDerivatives | Defined BenefitPension and OtherPostretirementBenefit Plans | ForeignCurrencyTranslationAdjustments | Total |
|---|---|---|---|---|
| Balance – December 31, 2022 | $(146) | $(182) | $(1,044) | $(1,372) |
| Other comprehensive (loss) income before reclassifications | (35) | — | 49 | 14 |
| Tax benefit before reclassifications | 9 | — | 10 | 19 |
| Amounts reclassified from accumulated other comprehensive loss | 40 | 3 | — | 43 |
| Tax expense | (10) | (1) | — | (11) |
| Net other comprehensive income | 4 | 2 | 59 | 65 |
| Balance – March 31, 2023 | $(142) | $(180) | $(985) | $(1,307) |
The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows:
| Three Months EndedMarch 31, · Affected Line Item onthe ConsolidatedStatements of Income | |||
|---|---|---|---|
| Millions of dollars · 2024 · 2023 | |||
| Reclassification adjustments for: | |||
| Financial derivatives: | |||
| Commodities | $1 | $— | Sales and other operating revenue |
| Commodities | 38 | 19 | Cost of sales |
| Foreign currency | (28) | 20 | Interest expense |
| Interest rates | 1 | 1 | Interest expense |
| Income tax expense | (1) | (10) | Provision for income taxes |
| Financial derivatives, net of tax | 11 | 30 | |
| Amortization of defined pension items: | |||
| Actuarial loss | 3 | 2 | Other income, net |
| Prior service cost | 1 | 1 | Other income, net |
| Income tax expense | (1) | (1) | Provision for income taxes |
| Defined pension items, net of tax | 3 | 2 | |
| Total reclassifications, before tax | 16 | 43 | |
| Income tax expense | (2) | (11) | Provision for income taxes |
| Total reclassifications, after tax | $14 | $32 | Amount included in net income |
Redeemable Non-controlling Interests
Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of March 31, 2024 and December 31, 2023, we had 113,064 and 113,075 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders.
In February 2024, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2024. These dividends totaled $2 million for each of the three months ended March 31, 2024 and 2023.
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